New Jersey Sports Betting Growth Slows as Neighbor Pennsylvania Launch…

Sports betting growth slowed a bit last month in New Jersey and that has imminently prompted questions whether Pennsylvania is to be blamed

Overall betting handle passed the $1.2 billion mark in New Jersey in December, but the growth of the state’s sports gambling market seems to have slowed down a bit, the latest figures released by the New Jersey Division of Gaming Enforcement show.

The Garden State’s physical and digital sports betting operations generated wagering revenue of $20.8 million in December, according to the local gambling regulator’s financial report for the final month of 2018. The figure reported reflected a 2% decline from November’s $21.2 million revenue.

Betting handle for the month of December totaled $319.2 million, down 3.4% from $330.7 million that was wagered in November.

New Jersey’s sportsbooks took in overall revenue of $94 million in the period between June 14, when the state’s first legal sports betting facilities went live at Monmouth Park Racetrack and Borgata Casino, and December 31. Despite the poorer performance of New Jersey’s sports betting sector during the final month of 2018 (compared to previous months), it should be said that the overall sports betting revenue generated last year was a big driver of growth within the state’s gambling market. The $1,247,290,341 betting handle reported for the period between mid-June and December 31 was also another testament to the fact that New Jersey was indeed off to a good start of legal sports betting.

Has Pennsylvania Begun Siphoning Betting Revenue from Its Neighbor?

Although Pennsylvania legalized sports betting well ahead of last year’s landmark ruling of the US Supreme Court that struck down a long-standing federal ban on the practice, the state only launched its first sportsbook late in 2018.

Hollywood Casino at Penn National Race Course was the first gambling venue to go live with sports wagering in mid-November, followed by Rivers Casino in Pittsburgh and SugarHouse Casino in Philadelphia in mid-December. A fourth sports betting facility went live earlier this month at Parx Casino in Bensalem, not far from Philadelphia and not far from the New Jersey border.

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